Japanese stocks bounce back strong from a two-day losing streak, boosted by a solid finish on Wall Street, a weakened yen and eased worries over China's credit concerns. The Nikkei Average is up 1.4% to 13,154, with gains across the board: Fast Retailing (FRCOY.PK +2.8%), JFE Holdings (JFEEF.PK +3.2%), Hitachi Construction Machinery (HTCMY.PK +3.5%), Mitsui Fudosan (MTSFY.PK +3.4%) and Nissan (NSANY.PK +1.7%).
Japanese stocks are lower in early trading, taking their cue from a weak performance in the U.S. overnight. The Nikkei Average is currently down 0.5% to 11,416, following a 0.8% gain the previous session. Blue chips are taking the biggest hit: Fanuc (FANUY.PK -2.2%), Sharp (SHCAY.PK -2.7%), Suzuki Motor (SZKMY.PK -1.8%). Steel names are also lower: Sumitomo Metal Metal Mining (STMNF.PK -2.1%), JFE Holdings (JFEEF.PK -1.8%).
Steel manufacturers including U.S. Steel (X) will suffer as China's appetite for iron ore slows, with high pension costs also a cause for concern, Blue Mountain hedge fund manager Andrew Feldstein says. He recommends shorting the company by being long its equity and short its credit by a ratio of one to six; he also promotes shorting Japan's JFE and Australia's Fortescue.
Japanese shares are up in early trading after reports that Greece had successfully concluded its bond exchange deal. The Nikkei Average is currently up 1.3% at 9,890, with Commodity-linked firms and financials among the strongest performers: JFE Holdings (JFEEF.PK +2.8%), Sumitomo Metal (SMMLF.PK +2.3%), Sumitomo Mitsui Financial Group (SMFG 1.2%) and Matsui Securities (MAUSF.PK +1.7%).
Japanese stocks surge higher on the back of the powerful rally in in the U.S. The Nikkei Average is up 2.6% at 8,633, with financials and steel makers leading: Mitsubishi UFJ (MTU +3.9%), Nomura (NMR +4.4%), JFE (JFEEF.PK +5.4%), and Nippon Steel (NISTY.PK +4.4%).
Japanese stocks drop in sympathy with the selloff in U.S. markets overnight. The Nikkei Average dips 1.24% to 8,897, with resource and materials shares the biggest losers: JFE Holdings (JFEEF.PK -3.2%), Nippon Steel (NISTF.PK -2.5%).
Japanese stocks are lower in early trading, tracking a late-day selloff in the U.S. overnight. The Nikkei Average is down 0.6% to 8,722.64, with technology and commodity shares leading declines: Sony (SNE -0.8%), Advantest (ATE -1.3%), JFE (JFEEF.PK -3.3%.
Japanese stocks dip lower in early trading on the back of a weak overnight performance in U.S.and European markets. The Nikkei Average is currently down 1.54% to 8,756.84, with technology exporters leading to the downside: Sony (SNE -3.24%), NEC (NIPNF.PK -2.3%), Toshiba Corp. (TOSYY -2.9%). The selloff in commodities also hit metals shares: JFE Holdings (JFEEF.PK -2.84%) and Nippon Steel (NISTF.PK -2.66%).
Japan's second-biggest steelmaker JFE Steel (JFEEF.PK) says it plans to build a new $3B steelmaking unit in Southeast Asia. The project, when finalized, will mark the first time in the post-war era that a major Japanese steelmaker has built a large integrated plant outside Japan.